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Tuvalu

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About

Tuvalu

Capital
Official languages
Population 
Currency

ISO 4217

Funafuti

Tuvaluan and English

11,192

Tuvaluan Dollar

TVD

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Economy

"Tuvalu is a small island nation located in the South Pacific Ocean. It has a population of just 11,192 people and a total land area of only 26 square kilometers. Despite its small size, Tuvalu has a vibrant economy that is largely based on fishing and tourism.

The GDP of Tuvalu was estimated to be $37.2 million in 2019, with a GDP per capita of $3,320. This is a significant improvement from the GDP per capita of $2,890 in 2018. The main sources of income for Tuvalu are fishing, tourism, and remittances from overseas workers. Fishing accounts for around 40% of the country’s GDP, while tourism and remittances make up the remaining 60%.

The unemployment rate in Tuvalu is estimated to be around 8.5%, which is lower than the global average of 5.7%. The inflation rate in Tuvalu is also relatively low, at 1.2%.

The government of Tuvalu has taken steps to diversify the economy and reduce its reliance on fishing and tourism. It has implemented a number of initiatives to promote the development of small businesses and encourage foreign investment.

Overall, Tuvalu has a small but vibrant economy that is largely based on fishing and tourism. The government is taking steps to diversify the economy and reduce its reliance on these two sectors. With the right policies in place, Tuvalu has the potential to become a prosperous nation."

Taxation

Taxation in Tuvalu:

- There is no corporate income tax in Tuvalu.

- Personal income tax is levied at a flat rate of 20% on all income earned by individuals.


Tax Payment and Calendar:

- The tax year in Tuvalu runs from January 1 to December 31.

- Taxpayers are required to file an annual tax return by March 31 of the following year.

- Tax payments are due within 30 days of receiving a notice of assessment.

- There are also various other taxes in Tuvalu, including import duties, value-added tax (VAT), and excise taxes.


It is worth noting that Tuvalu's tax system is relatively simple, but compliance can still be challenging for businesses and individuals. Additionally, there is limited information available publicly on the tax system in Tuvalu. It is recommended to consult with a tax professional familiar with the specific circumstances in Tuvalu for personalized advice on tax matters.

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